Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Paradex−0.280%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.280% cheaper against Paradex than usual: you would sell low and buy high, −$28 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2106	0.0100	pay 0.0100% / 8h	2h 38m	$47K	$110	10x
Short	Variational Omni ENA	0.2100	0.0100	get 0.0050% / 4h	2h 38m	$3.0M	$10.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Paradex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee ParadexbpFee Variational OmnibpOrdersPrice spread, now −0.280%Rate

Funding earned: $0.02
Price spread: −0.280% → 0.000%: −$27.95
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$31.94
Costs to cover: 0.040%
Break-even: 11549.1 days

Slippage unknown: Paradex: no order-book sample; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Paradex no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	4.76 bp	doesn't fit	19.0 bp −$190	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ENA on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ENA_USDC	−0.0142%	4h	0.2103	−0.156%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2109	+0.114%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2105	−0.052%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	+0.210%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0004%	4h	0.2107	+0.034%	$11.1M	$23.5M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.822%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	+0.043%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2106	long leg	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2110	+0.176%	$654K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2112	+0.276%	$114.5M	$74.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2110	+0.183%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	+0.083%	$395K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	+0.192%	$127.8M	$416.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	+0.214%	$85.4M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	+0.247%	$21.1M	$104.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−0.095%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	+0.043%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.281%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	+0.186%	$45.5M	$40.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	+0.247%	$24.9M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	+0.195%	$48.0M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	+0.190%	—	$31.3M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2100	−0.280%	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.126%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	−0.128%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	+0.043%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.243%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.578%	$918	$868K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.052%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	+0.100%	$266K	$799K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2103	−0.147%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.004%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.123%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2111	+0.219%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2106	−0.022%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0168%	1h	0.2110	+0.200%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2110	+0.194%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.213%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0376%	1h	0.2108	+0.082%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+0.197%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0551%	1h	0.2104	−0.109%	$356K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2102	−0.171%	$860K	$1.7M	50x	as long as short